8th Sep 2022 14:40
Arecor Therapeutics PLC - Essex, England-based biopharmaceutical company - Posts a widened pretax loss of GBP5.2 million in the six months to June 30, from GBP3.5 million a year earlier. Revenue, however, increases by 51% to GBP693,000 from GBP460,000, derived from "formulation development projects, in line with expectations". Research & Development costs soared to GBP4.8 million from GBP1.9 million a year earlier, Cash amounts to GBP13.7 million at June 30, compared to GBP22.1 million a year ago.
Chief Executive Officer Sarah Howell says: "Arecor's ambition is to build a significant self-sustaining biopharmaceutical company and we expect the next six months to bring further progress within our diabetes franchise and continuing discussions with potential partners to expand our portfolio of revenue generating partnership deals. Clinical data for AT247 is expected later in 2022 and is key to further demonstrating its superiority against current gold standard treatments and its potential to facilitate a fully closed loop artificial pancreas."
AT247 is an ultra-rapid acting insulin product candidate. Expects further clinical progress with diabetes franchise.
Current stock price: 281.00 pence, up 2.2% on Thursday
12-month change: up 19%
By Xindi Wei; [email protected]
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